GBPUSD trade 16 Jun 2010

Ok trying to update more trades & explain them.

On GBPUSD 1.4855 was my target monday before price got weaker on 1.48 test & I exited. So 2 days later for me cable was stalling at 1.48 & unable to post big gains +22 yesterday. So I moved bearish. ( Also ABCD pattern helped a bit at these levels see chart 2)

Entry: 1.4840 then second  pending order got filled 1.4855 was against 1.4920. price began moving lower & and then added 1.4820. moved quickly stop to 1.4840 to protect position & risk -5 pips on all position.

Targets: so here I used old strong supports 1.4760 as first conservative target for 1.4720 & 1.4730 as target for 1.4840. & leaving 1.4854 open for big test of 1.4680.

Worked well. I moved now SL to 1.4680 to lock pips while targets where hit nicely. Most setup was poster on twitter before entry.

See chart for entry & fibs ( click to see larger chart) :

Second chart help see the ABCD move that helped me shorting it to death:

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